According to Hyperinsight, on January 7, a mysterious whale re-entered the market with a renewed short position on ZEC. This move marks the continuation of a strategy that has been focused solely on bearish bets for the privacy coin.
New Position Shows Early Profit
The whale opened a 2x leveraged short on 3,697.06 ZEC — worth around $1.83 million — with an average entry price of $507.66. So far, the position has already generated a floating profit of $41,000, suggesting some short-term alignment with market movement.
Seven Attempts, Zero Long Positions
Historically, this whale has only ever shorted ZEC — entering the market six previous times without a single long trade. Despite this latest gain, the cumulative losses from earlier attempts still amount to $508,000, indicating that the strategy has not yet found consistent success.
Market Implications: Is the Bear Case Still Valid?
As a privacy-focused cryptocurrency, ZEC's price movements are often influenced by regulatory developments and shifts in demand for anonymity. The whale’s continued bearish stance may reflect deep skepticism about ZEC’s near-term trajectory in the current market climate.